March 18, 2014

UK retailers to generate £45bn from online sales in 2014: RetailMeNot research

British retailers are set to generate £45bn from online sales in 2014, according to a new research by RetailMeNot and the Centre for Retail Research.

By admin-demo

British retailers are set to generate £45bn from online sales in 2014, according to a new research by RetailMeNot and the Centre for Retail Research.

The study, which included phone interviews of 100 major retailers and 9,000 consumers, predicted that online sales in the UK will grow by 16%, with an average shopper expected to spend over £1,000 online.

In US, the online sales are expected to grow by 15% to £189.3bn in 2014, while in Europe, sales will increase by 18% to £131.2bn, to be driven by the UK, France and Germany, which will account for 81% of online sales in the eight European markets in 2014.

The UK is the largest market in Europe, with sales of £38.8bn in 2013, and is expected to account for more than a third of all online retail sales in the eight European markets surveyed in 2014.

RetailMeNot senior vice president Giulio Montemagno said while the e-commerce sector grows rapidly, markets in countries such as Germany, UK and US are maturing as shopping online becomes a commonplace activity.

"Today, growth is being mainly driven by an increase in the frequency of consumers shopping online and spending more money through online channels while in previous years ecommerce growth came primarily from an ever-growing number of first time online shoppers," Montemagno added.

The report stressed that retailers should increasingly look to mobile devices and the web to incentivise shoppers to make purchases online and in-store.